Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

Luxury Jewellery in the United Kingdom

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Executive Summary

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PROSPECTS

Slight slowdown expected for luxury jewellery

Sales of luxury jewellery are predicted to record a slight slowdown in value terms at constant 2017 prices over the forecast period, compared to the previous five years. Growing interest in affordable luxury brands, with luxury jewellery being available in a broader price spectrum, will lead to slower growth in value terms.

Steady rising demand for luxury costume jewellery

Luxury costume jewellery is a growing category in the UK. The current trend for coloured semi-precious materials and stones, such as turquoise, malachite, and onyx, are making this category increasingly colourful.

Ongoing influence of haute couture on luxury jewellery

Haute couture will continue to have an impact on luxury jewellery while iconography will be another trend likely to influence luxury jewellery over the forecast period. Examples towards the end of the review period include Cartier’s relaunch of its 1970s nail-head Juste un Clou and Dior’s contemporary interpretation of Monsieur Dior’s lucky star, the eight-pointed Rose des Vents.

COMPETITIVE LANDSCAPE

Tiffany leads the category

The fine jewellery competitive landscape is becoming increasingly fragmented, thanks to the growing interest in niche designers, many of whom are viewed as more exclusive. However, the most coveted brands in luxury jewellery towards the end of the review period remained international brands with a strong brand heritage.

Graff extends its retailing space

British heritage brand Graff Diamonds followed in second spot, thanks to its loyal following for absolute luxury and rare diamonds among both domestic and foreign consumers of luxury. The company continued to benefit from a change in its retail strategy which it announced in 2014, which involved its launch in its first department store space in Harrods.

Ethical issues and social responsibility grow in importance

Consumers are becoming increasingly aware of ethical and social responsibility issues around fine jewellery, especially in relation to the mining of diamonds, other precious metals, and precious stones. Players are responding to this trend, making clear in their advertising and marketing campaigns their commitment to sustainability and to fair and safe working practices.

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